Writing off Depreciation Expense

[Saad Handoo]

I read somewhere that you can write off on your taxes a certain portion of your income if the property is younger than 27.5 years (or something to that tune). I recall there being something about a 10K threshold. 

Maybe I am misinterpreting the Tax rule here, but does it essentially mean (on newer properties) your first 10K is essentially tax free?